But the two tech giants have long built barriers around their ecosystems and issue different QR codes that can be used only on their own services.Īs part of efforts to accelerate standardization of the digital yuan, China’s central bank has been promoting interconnection between the digital yuan and other electronic payment tools so that consumers can make payments by scanning a unified QR code. The background: In China, people use their smartphones to pay for almost anything from restaurants to subway rides through Alipay and WeChat Pay, which together account for more than 90% of China’s mobile payment market. Alipay users generate a QR code after specifying a transfer amount and then share the code with a WeChat user, who must use Alipay to scan the code and receive the funds. The trial Alipay function does not support direct transfers to WeChat Pay. If the two mobile payment services become mutually connected, Alibaba Group Holding's e-commerce marketplace Taobao should be able to accept WeChat Pay as a type of payment in addition to Alipay, the person close to WeChat Pay said. However, a person close to Tencent’s WeChat Pay said the Alipay feature has nothing to do with WeChat Pay, and WeChat users are only “notified” through WeChat of the transfer. ![]() The trials involving a limited number of Alipay users may represent a step toward connecting China’s two dominant mobile payment services in line with goals staked out by the central bank. What’s new: Ant Group’s Alipay is testing a new feature that would make it easier to transfer money to friends on the rival WeChat system.
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